If your property's value has increased since you bought it... given the market trends in Albany, that's quite possible... you could tap into that equity sooner than you might think.

You could consider the areas in the city with the highest value increases.

My recommendation would be to choose potential markets - in several price points - that have strong rental demand and year-over-year rent increases and that also are in markets that are appreciating. 

Target areas with high rental demand, job growth, and population increases to ensure strong occupancy and appreciation.

In Metro Detroit, and I'd think in most Midwest cities, investors really have two options:1) Buy Class B and either put more down to cashflow at closing or deal with 1-3 years of negative cashflow until rents increase.

Also, hyperfocus helps me find a home with the right conditions - a stable but increasing-value neighborhood.

With the increase in prices and competition over the last few years, these figures were so divorced from reality that these people now typically advertise 8% to 10% at the most, which, unsurprisingly, is still higher than reality.

@Placeholder PlaceholderOne word of caution I would advise: If a community or local government is enacting restrictions and also regularly enforcing them, then its often a reflection of the local community sentiment which increases the chance of a neighborhood or nearby resident calling you in if they think you may be running an STR.

The biggest thing to me is buying in quality areas that will increase in value over time.

the property’s rehabilitation is scheduled for completion in 2025 and the rent will subsequently increase, can I proceed with a cash-out refinance based on the current rent roll?